While more and more businesses are turning to business coaches, they generally go with people they know or with whom they are acquainted because these are the people they know they can trust. Trying to break into this market is very tough, especially if you are not widely known and respected in the community.
As with most start-up businesses there is a long time between when you start-up and when the business becomes profitable. It has been my experience that this normally takes two to three years, so you must have the cash to carry you over this period of time.
You must also consider how relevant your experience in running your own business will be when it comes to many different types of business. If you were in a service-oriented business, for example, trying to coach a manufacturing or distribution business is going to be very tough.
One thing to remember. Most people are not going to look for a business coach through the yellow pages. Rather, they are going to rely on their own network and their peers to guide them to potential coaches.
One way to ‘test the waters’ is by embarking on the new venture on a part-time basis. That will let you determine whether you like what you are planning to do and whether you have a service for which people are willing to pay.
Photo by nealoneal.
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